What will Medigap in NY State likely cost me?

[HadEnuff]

I'm still a couple of years away from 65, but for the purpose of budgeting, I am trying to figure out what a Medigap policy in NY State will likely cost me.

I have tried to find out online, and all of the "free quotes" offers include me giving my phone # and agreeing to be bombarded with telemarketers.

So, anyone out there care to tell me what they think my Medigap insurance will set me back, in NY State? I'd appreciate it.

 

[MichaelB]

I use this Medicare tool to see who offers policies in my zip code and get a general idea about the cost https://www.medicare.gov/find-a-plan/questions/home.aspx
Then I visit the insurers website and get online quotes for the specific policy I'm interested in by using a birthdate that shows me turning 65 in two months. The major MediGap insurers - BCBS, UHC, Aetna, etc., all give online quotes.

I do the same for Medicare D.

 

[HadEnuff]

I use this Medicare tool to see who offers policies in my zip code and get a general idea about the cost https://www.medicare.gov/find-a-plan/questions/home.aspx
Then I visit the insurers website and get online quotes for the specific policy I'm interested in by using a birthdate that shows me turning 65 in two months. The major MediGap insurers - BCBS, UHC, Aetna, etc., all give online quotes.

I do the same for Medicare D.

I have visited this page before and I'm confused at the range of prices on the premiums. For example, the Policy F Monthly Premium is listed as "$193-$568"

the Policy F-High Deductible is "$51- $167"
and Policy G is "$239-455"

Can you explain why the huge ranges, and how would I find out where in that huge range I would fit?

 

[MichaelB]

I have visited this page before and I'm confused at the range of prices on the premiums. For example, the Policy F Monthly Premium is listed as "$193-$568"

the Policy F-High Deductible is "$51- $167"
and Policy G is "$239-455"

Can you explain why the huge ranges, and how would I find out where in that huge range I would fit?

Confusion is understandable - too many options.

MediGap policies are regulated, so you know that each "C" policy offers the same coverage. However, insurers can price them differently. There are 3 different pricing methodologies: community rated, issue-age rated, and issue-attained rated. More detail here https://www.medicare.gov/find-a-plan/staticpages/learn/how-insurance-companies-price-policies.aspx
but basically, "attained-age rated" are premiums that are lower now and increase as you get older, while "community rated" are higher now because they are the same for everyone and won't increase due to age, but will only have inflation type increases. It's difficult to compare the two, because you can't just jump from one to another - the only time you have guaranteed access is on your 65th b'day.

When looking at my zip code and only for two policies (C and F) I found far fewer options, many of the insurers on the list didn't offer the plan at all. Some insurers I don't even recognize and am not motivated to investigate further. In my case, looking over MediGap for the past year for enrollment later this year (for DW), we really have only a few options - less than a half dozen.

Most people here that have gone through this started by choosing the level of coverage they want. MediGap C, F and high-deductible F have been mentioned frequently. Some concern about F, especially future price increases, as it is being phased out.

 

[MBSC]

NY Medigap plans and rates can be found here: Information for Medicare Beneficiaries

NY is community rated, meaning all ages pay the premium you see in the link. NY is also year round guaranteed issue so if another insurer offers a better rate next year you can switch with no medical underwritng.

Don't forget to add the cost of a separate Part D drug plan.

BTW, you asked a similar question two months ago and were given a similar response in this thread: http://www.early-retirement.org/for...p-i-need-somebody-help-82788.html#post1758939